The first step in Corporate Transparency Act (CTA) analysis is determining whether an entity is a Reporting Company. A “Reporting Company” means any entity (whether a corporation, limited liability company, or other entity types) that
Starting January 1, 2024, the Corporate Transparency Act (CTA) will require most U.S. corporations, LLCs, and other legal entities formed through state filings or foreign entities registered to do business in the U.S. to file
The Corporate Transparency Act (CTA), introduced as part of the 2021 National Defense Authorization Act and amending the Bank Secrecy Act, aims to enhance transparency in business ownership structures to combat financial crimes like money
The Employee Retention Credit (ERC) was a valuable tax credit available to businesses during the COVID-19 pandemic. However, the IRS has recently ramped up its audits of ERC claims, due to concerns about fraud and
We have had several clients recently subject to Form 3520 penalties, so we thought we would remind everyone of the need to timely file these forms when receiving a foreign gift. When a U.S. person
Parag Patel Esq. will be a featured speaker this month at a New Jersey Society of Certified Public Accountants (NJCPA) Seminar entitled “Criminal Tax: What Tax Professionals Need to Know to Help Clients and Themselves”
Parag Patel Esq. will be a featured speaker this month at a New Jersey Society of Certified Public Accountants (NJCPA) Seminar entitled ” Federal Tax Update and Latest Tax Controversy Hot Topics“. Seminar descriptions is
Parag Patel Esq. is a featured speaker at the National Association of Enrolled Agents (NAEA) Estate and Gifts Certificate Program on November 7, 2023. Mr. Patel will speak on Estate Planning strategies and developments. The
The IRS continues to warn businesses not to fall for aggressive marketing or scams related to the ERC. Businesses should first check with their trusted tax professional before submitting an ERC claim. As part of
The failure to file and pay payroll taxes has been a major focus of IRS investigations in the past few years. Sometimes the cases are civilly examined, but occasionally the government criminally prosecutes more willfull
The IRS is drastically cutting back on its decades-long practice of surprising taxpayers at their homes or businesses because of concerns about the safety of employees and confusion caused by scam artists who also knock
While the New Jersey Estate Tax was abolished 5 years ago and the Federal Estate Tax applies to taxpayers with estates over $12 million, the NJ Inheritance tax is relatively unknown and impacts thousands of
